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Second, JavaScript already executes quickly. Aside from arithmetic operations it has now reached performance parity to Java and highly optimized JavaScript (typed arrays and an understanding of data access from arrays and objects in memory) can come within 1.5x execution speed of C++. At this point all the slowness of JavaScript is related to things other than code execution, such as: garbage collection, unnecessary framework code bloat, and poorly written code.
That being said it isn't realistic to expect measurably significant faster execution times by replacing JavaScript with a WASM runtime. This is more true after considering that many performance problems with JavaScript in the wild are human problems more than technology problems.
Third, WASM has nothing to do with JavaScript, according to its originators and maintainers. WASM was never created to compete, replace, modify, or influence JavaScript. WASM was created as a language ubiquitous Flash replacement in a sandbox. Since WASM executes in an agnostic sandbox the cost to replace an existing runtime is high since an existing run time is already available but a WASM runtime is more akin to installing a desktop application for first time run.